Residential delinquencies and foreclosures on all mortgages fell in the second quarter on a sequential basis for the period ending June 30, but the elevated level of late payments has the industry grappling with $963 billion worth of troubled loans.

The Mortgage Bankers Associated (MBA) reported Thursday morning that the national delinquency rate fell to 9.85% at June 30 compared to 10.06% at March 31. A year ago delinquencies stood at 9.24%.

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